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FEDERAL RESERVE statistica I release n p.m ••\l:astern Time H. 3 I 502 l Table 1 AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE JULY 25, 1991 Adjusted for changes in reserve requirements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus exte~ded credit required Date total 2 1990-JUNE JULY AUG. SEP. 47896 47636 47973 48261 47014 46879 47046 47637 47360 47159 47174 47643 47122 46774 47106 47353 OCT. NOV. DEC. 47942 48244 49104 47532 48014 48779 47550 48039 48802 1991-JAN. FEB. MAR. 49466 49611 49566 48932 49359 49325 APR. MAY JUNE p 49395 50068 50430 29 nonborrowed3 e~~:~s Moneta~y seasonal extended credit4 base total 774 862 868 909 285758 287418 290458 293803 881 757 927 624 311 389 430 418 346 280 127 6 47096 47297 47440 847 947 1665 295941 297553 299785 410 230 326 335 162 76 18 24 23 48958 49393 49378 47298 47802 48387 2168 1809 1179 305152 309438 310982 534 252 241 33 37 55 27 34 53 49164 49765 50091 49250 49853 50098 48365 49039 49421 1030 1029 1009 310605 311479 312472 231 303 340 79 151 222 86 88 8 50200 49901 49960 49081 1120 312057 299 165 59 JUNE 12 26 50015 50741 49732 50427 49740 50435 49284 49460 731 1282 311438 313144 283 314 176 242 9 8 JULY lOp 50589 50241 49988 49773 49993 49777 49699 49355 889 886 313217 313746 601 468 290 319 5 .4 Two weeks ending 1991-MAY 24pe p--preliminary 1. 2. 3. 4. 5. 6. pe--preliminary estimate ·Reserves lind monetary base figures incorporate adjustments for discorttinuities, or "breaks", associated with regulatory changes in reserve requirements. I For more information, .see Table 3. I Seasonally adjusted, break-adlusted total reserves equal seasonally adjusted, break-adjusted required ~eserves plus unadjusted excess reserves. I Also, see footAOte 2 on Table 2 and footnote .2 on Table 3. I Seasonally adjusted, break-adjusted nonborrowed re~rves equal seasonally ad;usted, break-adjusted total reserves less unadjusted total borrowir~gs of. deposi ~ory insh tuti~s from the. Federal ~eserve. . . . . Extended cred1t cons1sts of borrow1ng at the d1scount w1ndow under the terms and cond1t1ons establ1shed for the extended cred1t program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of nonborrowed reserves. Excess reserves ~A .equals unadjusted tot~l reserves !Table 2, column 11 ~ess unadjusted required r~erves !Table 2, column 3J. The seasonally adjusted, break-adjusted~onetary base consists of I l l seasanally adjusted, break-adj~sted total reserves plus (2) the seasonally adJusted currency component of the mon~y stock plus 131, for a11 quarterly reporters on t'he "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, breakadjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. !Also see footnote 3 on Table 2 and footnote 4 on table 3. I H.3 15021 Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve reguirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions total used to satisfy requirei:l reserves 6 surplus 7 Net carryover of reservw balances Date total 2 nonborrowed required Honetasy base Reserve balances with F.R. Banks 4 1990-.JUNE .JULY AUG. SEP. 61197 60943 60728 61452 60315 60185 59801 60828 60423 60081 59860 60544 300985 303387 304995 307211 33878 32946 32448 33303 29636 30459 30842 30625 27318 27996 28280 28149 2318 2462 2562 2476 OCT. NOV. DEC. 61052 62045 59120 60642 61815 58795 60206 61099 57456 308854 312689 313700 32127 33382 30237 31515 31086 31777 28925 28663 28884 2590 2423 2893 1991-.JAN. FEB. MAR. 50992 48551 48586 50458 48299 48345 48824 46743 47408 309303 308531 311040 22023 19827 21734 33220 33477 30896 28969 28724 26853 4250 4753 4043 p 50301 49063 50409 50070 48760 50069 49271 48033 49399 313946 314251 317256 23508 22287 23686 30556 30720 30524 26793 26776 26722 3763 3944 3801 29 48477 48178 47358 313790 21363 31235 27114 4121 152 .JUNE 12 26 50142 50392 49859 50078 49411 49110 316607 316966 24027 23344 29787 30926 26115 27048 3672 3878 204 -13 .JULY lOp 24pe 51265 50404 50665 49937 50376 49518 320214 319455 23860 22961 31327 31351 27405 27444 3922 3907 313 61 APR. HAY .JUNE Two weeks ending 1991-HAY p--preliminary 1. 2. 3. 4. 5. 6. 7. 8. pe--preliminary estimate Reflects actual required reserves, with no adjustments to eliminate the effects of .discontinuities, or "breaks", associated with regulatory changes in reserve requirements. ' Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of Ill total reserves plus 121 re~ired cleari~ balances and adjustments to compensate for float at Federal Reserve Banks plus 131 the currency component of the money stock plus 14), for all ~rterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceei:ls their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearing balances and adjustments i:o compensate for float and includes other off-balance sheet "as-of" adjustments. Dates refer to the maintenance periods in Which the vault cash can be used to satisfy reserve reouirements. Under contemporaneous reserve reguirements, maintenance periods end 30 days after the lagged computation periods in which the vault cash is held. All vault cash held during the lagged computation period by "bound" institutions I i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess I+) or deficit (-) reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 150Z) Table 3 AGGREGATE RESERVES OF DEPO~ITORY Adjusted for cha~s in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars INSTITUTIONS AND THE MONETARY BASE Reserves of depository institutions Date total 2 nonborr<Med required 3 Monetary base 4 1990-JUNE JULY AUG. SEP. 47890 47810 4763Z 48107 47008 4705Z 46705 47483 47116 46948 46764 '47199 Z86879 Z8937Z Z9098Z Z93067 OCT. NOV. DEC. 47554 48418 50579 47143 48188 50Z53 46707 47471 48914 Z944Z6 Z98440 304041 1991-JAN. FEB. MAR. 50756 48551 48586 50ZZZ 48Z99 48345 48587 4674Z 47407 3060Z5 305743 308188 p 50301 4906Z 50408 50069 48759 50068 49Z70 48033 49399 310858 3110ZZ 314061 Z9 48477 48178 47357 310511 JUNE lZ Z6 5014Z 50391 49859 50077 49411 49110 313454 313751 JULY lOp Z4pe 51Z65 50404 50664 49936 50375 49518 316963 316ZZ1 APR. HAY JUNE Two weeks ending 1991-MAY p--preliminary 1. z. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves ITable 3, column 3) plus excess reserves NSA !Table 1, column 5). To adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been ~n effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. The break-adjusted monetary base eguals Ill break-adjusted total reserves plus IZ) the (unadjusted) currency c~ent of the money stock plus 13), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. Note: Historical data are available from the Honey and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Hashington, D.C. Z0551
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